Maximizing benefits from strict compliance with commitments on import and export tax incentives

Speakers attended the online talk show “Take advantages of import and export tax incentives in FTAs to boost economic growth”.

On December 30, 2022, the Government signed and promulgated 17 Decrees stipulating Preferential Export Tariffs and Special Preferential Import Tariffs to implement Trade Agreements and Economic Partnership Agreements.

The Decrees are issued to harmonize Vietnam’s List of import and export goods, deploy the ASEAN Harmonised Tariff Nomenclature (AHTN 2022), and fulfill Vietnam’s commitments on import tax in the 2022-2027 period. These Decrees take effect from December 30, 2022 and replace the Decrees for the 2018-2022 period.

To help readers have a comprehensive and clear understanding of the contents of 17 Decrees and recommend businesses on how to effectively implement Vietnam’s import and export tax commitments described in the Decrees, Customs News held the talk show “Take advantages of import and export tax incentives in FTAs to boost economic growth”.

Ms. Vu Thi Anh Hong, Editor-in-Chief of Customs News, delivered the opening speech.

Speaking at the opening of the talk show, Ms. Vu Thi Anh Hong, Editor-in-Chief of Customs News, said that Vietnam currently has trade relations with 230 countries and territories, including free trade agreements with 60 economies.

Vietnam is also implementing commitments on preferential export tax and special preferential import tax within the framework of 15 Free Trade Agreements (FTA) and two Bilateral Trade Agreements (BTA). This is an opportunity for Vietnamese businesses to expand their markets, accelerate exports and more deeply participate in the global value chain and production network.

At the talk show, the speakers will discuss the results and advantages of the implementation of the FTAs and Economic Partnership Agreements in the 2018-2022 period; thereby proposing orientations and solutions for the implementation of tax commitments in the new period of 2022-2027.

“The issue is how to take full advantage of the benefits from Vietnam’s strict compliance with commitments on export tax incentives and special import tax incentives specified in 17 new Decrees,” said Ms. Vu Thi Anh Hong.

The talk show is also one of the activities in the plan to disseminate and introduce the 17 Decrees, thereby helping businesses understand and effectively implement Vietnam’s import and export tax commitments described in these agreements.

At the talk show, the speakers Mr. Pham Tuan Anh, Deputy Director of International Cooperation Department (Ministry of Finance); Mr. Dao Duy Tam, Deputy Director of Customs Control and Supervision Department (General Department of Customs); Ms. Nguyen Thi Thu Trang – Director of the Center for WTO and International Trade, Vietnam Chamber of Commerce and Industry jointly assessed the implementation and impacts when implementing the preferential tariffs in the 2018-2022 period; the promulgation of 17 decrees on preferential import and export Tariffs in the new period as well as the impacts of these decrees on economic growth and the development of businesses.

Moreover, the speakers also focused on clarifying obstacles and difficulties in the implementation of preferential tax tariffs in the previous period, thereby offering solutions to help businesses take full advantage of the implementation of Vietnam’s commitments on import and export tax in the new period, thereby fostering import and export of enterprises and economic development.